The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1887-12-21
THE TREASURY REPORT.
Secretary Fairchild Upon the
COuntry's Finances.
His Views Upon the Disposition Of
the Surplus Revenue.

Secretary Of the Treasury Fairchilds re-
port on the finances Of the country shows that
the total ordinary receipts Of the Govern
ment from all sources for the fiscal year
snded June 80, 1887, were $37l ,4O3, ,2T7.66,
the principal sources of the revenue beng
S2l7, ,2S6, ,S931 13 from the customs and $llo,-
S23. .39l, % from the internal revenue. The total
ordinary expenditures were S3l5, ,S35, ,4Ss. ~
leaving surplus OF S53,5oI ,4o9.a4,
which, with an amount drawn from the cash
balance in the Treasury OF 81, A,455, ,72o.4
makes q surplus of SSU. .023, $40. AS compared
with the fiscal year 1886. the receipts for 1887
have increased $34, ,963, $50 10. There was an
increase in the expenditures OF SIS, Az, ,04l.4I.
The revenues for the present actual and estl-
mated fiscal year are $685., ,0O0, 900, and the
expenditure for the same period, actual ana
estimated, are s3l6,Sl7, ,7S5.4S of the surplus
revenue.
After paying high tribute to the ability
of his predecessor, the Hon. Daniel Manning,
and stating that it is not necessary to 40
other than follow in the general lines laid
down by him, Secretary Fairchlld says CIR
cumstances have heightened the urgency OF
taxation reform as affecting the surplus
revenues. by which he desires to be under
stood the money which annually remains IN
the Treasury after collection Of all taxes and
the payment of expenses and obligations ex-
cept principal of the interest bearing date -,
TO the question what shall be done with
this surplus revenue.' the Secretary offers
three suggestions, as follows:
"u.) The purchase Of the interest bearing
debt Of the Government 2) Larger ex-
penditures by Government for other pur.
poses than the purchase of bonds, so that
they shall each year equal the taxation that
year. 3) Reduction of the revenue from
taxation to the amount actually required TO
meet necessary expenses"
On the matter of purchase Oh oonas Gne
Secretary says that it has this merit, that
the interest on the bonds ceases WITH
their purchase; and is Of the opinion that II
the circulation Of the money OF such pur.
chase is not Of more benefit to business than
the amount saved by the cancellation OF the
debt, then the taxation is burden to the
people to that extent.
The Government has never paid gold
premiun for its bonds, save in three in
stances-in 1880, 1881, and again in the cur
rent fiscal year. The Government, with
these exceptions, has always been in position
where it could purchase or call its bonds at
par or less, and has been in position the past
twenty two years to apply the vast surplus 10
retirement Of interest-bearing debts on talrly
good terms.
barring all obligations, SIS, ,25S 70l. IL, which,
it is estimated, will be increased by the end
Of the year to sl40, 0,0O0, 20. under present tax
and appropriation laws. The Secretary does
not favor the enlargement Of the expendl,,
lures of the Government simply to expend
money raised by taxation. ,
The Secretary does not favor decrease OF
revenue from customs by increasing rates OF
duties, as it would increase taxation tor
more than it would decrease revenues. he
does not think it well to ''abolish or reduce
internal taxes; it is n tax upon whisky. beer,
and tobacco" which are only in small sense
necessary to health or happiness; but ne
favors reduction of revenues from customs
taxation, which should also be reformed as to
their abuses and inequalities He would add
to the free list as many articles as possible,
and reduce duties upon every dutlabie article
to the lowest point possible.
The gross receipts Of the Government for
the fiscal year were S525, ,S4+, III. .G5-SSS, ,534,-
669. 95 was in the Treasury and sub.Treasur-
les and S127 ,309, SOFT was in national bank
repositories. The Secretary thinks steps
should be taken to keep the standard silver
dollar in its proper place. ~.
The Secretary shows that there are 3,SO5
national banks-2, ,2l9 being creations of Con-
eress and $50 converted from State institu-
tions-wlth capital stock Of $50, ,572.525;
surplus, Sl6,G64, 25010; deposits, S76,3oS,-
1881.
Collections from internal revenue during
the fiscal year amounted to $l1S, ,S37 LOS,
being an increase over the collections Of 1855
of 81, 93i, ,43l.62.